S&P 500 Price Forecast – Stock Markets Continue To Go Sideways

The S&P 500 did almost nothing during the trading session on Tuesday as we continue to see a lot of noise in the markets at the 3200 level. The 3200 level had been my longer-term target for some time, so it’s not a huge surprise to see that we are simply stalling here as it was the measured move from the ascending triangle underneath. Because of this, it makes sense that there would be a certain amount of profit-taking in this area, as well as hesitation. We are overbought, but at this point I’m not looking to short this market I think that a pullback is going to end up being a nice buying opportunity as the 3100 level should be a bit of a floor, and the 50 day EMA.

S&P 500 Video 18.12.19

If we can break above the 3200 level, then the market is likely to go towards the 3250 handle, which is a target of some other analyst out there and quite frankly not a huge stretch of the imagination after what we have seen over the last couple of weeks. Either way, I have no interest in shorting and I look at pullbacks as potential buying opportunities and what has been a very strong market for some time. Ultimately, this is a market that I think will give plenty of opportunity for buyers to pick up value, and as a result I still like the S&P 500 as the Federal Reserve is on the sidelines and willing to liquefy the markets.

Please let us know what you think in the comments below